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6 UCW JULY 22-28, 2020 WWW.UPANDCOMINGWEEKLY.COM DEBBIE BEST, Financial Advisor at Edward Jones Investments. COM- MENTS? 910-488-7535 MONEY What should you do with an inheritance? submitted by DEBBIE BEST If you were to inherit a large sum of money, what would you do with it? e question may not be hypotheti- cal, especially if you are in the mil- lennial, Gen X or Gen Z demographic groups. at's because the baby boom- ers — often referred to as the richest generation in history — are poised to transfer some $30 trillion in assets over the next few decades, according to the consultingfirm Accenture. Of course, this is a "macro" figure, and everyone's situation is different. Furthermore, since baby boomers are living longer, more active lives, the total amount passed on may end up being considerably less than the estimate. Nonetheless, you may well receive a medium-to-large inheritance someday, and when that day arrives, you'll need to decide how best touse your newfound wealth. Your first move may be to do noth- ing at all. Generally speaking, you have enough time to decide how to handle the various elements of an inheri- tance, although if you are inheriting an investment vehicle such as an IRA or a 401(k) plan, you will eventually have to make some decisions about liquida- tion or withdrawals. And since these accounts may carry tax obligations, it's a good idea to consult with your tax advisor fairly soon after you receive your inheritance. But if a big part of your inheritance simply consists of cash parked in a bank account, there's nothing wrong with moving the money into a cash management account at a financial services company until you decide what to do with it However, after some time has passed, you may want to put your inheritance to good use. If you're already working with a financial advisor, you might want to get some guidance on how to use your new assets to strengthen your existing investment strategy. Do you have any gaps in certain areas? Can you use the money to help diversify your holdings? Diversification can't guarantee profits or protect against all losses, but it can help reduce the impact of volatility on your portfolio. And, of course, if your inheritance is large enough, it may permit you to "max out" on your IRA for years to come, and possibly free you to have even more of your salary deferred into your 401(k) or similar employer- sponsored retirement account. Plus, you could use the money for other long-term goals, such as funding a tax- advantaged 529 college savings plan for your children. You also might use part of your inheritance to donate to the charitable organizations you support. Due to recent changes in tax laws that caused many people to stop itemizing their deductions, charitable groups are in more need of support than ever. And last, but certainly not least, take this opportunity to review your goals. Is your inheritance large enough for you to adjust your planned retire- ment age? And if that age may indeed change, what about your other plans for retirement? Will you now be free to travel more or pursue other hob- bies? Will you even need to modify the way you invest for your new reality, possibly by taking a less aggressive ap- proach? Again, a financial professional can helpyou answer these questions. Someone thought enough of you toleave you a valuable inheritance — so use it wisely. Choosing self-care intentionally by DR. REBECCA CRAIN e COVID-19 pandemic has ush- ered in uncertainty, leaving many of us feeling confused, frustrated and fearful. Daily we face threats to our physical safety and financial security. An accumulation of these macro-level stressors makes it more difficult for us to handle the mundane, daily stresses of living. Our traditional methods of coping are challenged and we are forced to reimagine a new "normal." During times of crisis, it is more important than ever to practice self-care. Self-care is a popular term that brings to mind visions of bubble baths, expensive shopping sprees and decadent foods. e ugly truth is that self-care is often not glamorous. It is a daily practice of building healthy hab- its for a strong body and mind. Said another way, self-care is deliberately taking care of your well-being through restorative activities. About seven months ago, I would have defined self-care as simply mak- ing sure to eat and sleep. At the time, I was working as a clinical assistant professor and staff psychologist at a top five university. I started every day darting out the door with no breakfast in my belly and haphazardly putting makeup on while I drove to work. I went to work and had few breaks and finished my day only to crash on the couch to watch Netflix and scroll social media. I was in complete denial about what I needed to do to take care of myself. Ultimately, I burned out, and I quit my job. I decided to pursue my passions of entrepreneur- ship and family by moving closer to home (Fayetteville) to start my private therapy practice. As a licensed psychologist, a large part of my job is to support people who are suffering from stress and mental health-related concerns. I learned quickly that to serve my clients successfully in a sus- tainable way, I needed to be a relaxing presence, which meant I had to take care of myself. at's when I discov- ered how to practice self-care. My foundation began with a healthy diet, proper hydration, physical activity and adequate rest. I added three other restorative activities to this founda- tion, which were: moments of stillness in silence, practicing spirituality and belonging to a community. Self-care involves attention and intention. Moments of stillness in si- lence can draw our attention from ex- ternal noise to our inner voice. When we meditate, it brings awareness to that internal voice. When we have awareness, that's when we can choose thoughts and feelings we're holding onto and those we want to let go. e intention is to observe compassionate- ly and nonjudgmentally those places inside yourself that need care. In conclusion, I have one recom- mendation for you. I encourage you to try waking up one hour earlier in the morning to carve out some self-care time. My self-care daily ritual con- sists of: 10 minutes of meditation, 10 minutes of journaling, 10 minutes of affirmations, 10 minutes of visualiza- tion, 10 minutes of gratitude and 10 minutes of physical activity. You are so worth it. Start small, and remember, this is a practice and is not something you have to get perfect. HEALTH If you have acquired an inheritance, use it wisely. REBECCA CRAIN, Ph.D., Li- censed Psychologist COMMENTS? rcrain@rebeccacrainphd.com Self-care involves attention and intention. Moments of stillness in silence can draw our atten- tion from external noise to our inner voice.